If All Prices, Including the Price of Beef, Increase by 3

question 71

Multiple Choice

If all prices, including the price of beef, increase by 3%, then the relative price of beef has ______ and inflation _____.

• A)increased; has occurred
• B)increased; has not occurred
• C)remained constant; has occurred
• D)remained constant; has not occurred

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Definitions:

Earmark

A legislative provision that directs approved funds to be spent on specific projects, often within a particular congressional district.

Federal Mandate

A requirement imposed by the federal government on state and local governments to comply with certain rules and regulations.

National Agenda

A set of priorities and policies that are considered of utmost importance by a nation's government at a given time.

Federalism

A system of government where power is divided between a central authority and constituent political units, such as states or provinces.